Simons Trading Research
SingTel - Reflecting New Bharti Forecasts
Further Profit Pressure; Maintain HOLD
- Following our Bharti Airtel (NR378, Rating: SELL, Target Price: INR320) analyst Neerav Dalal’s earnings downgrade today for ARPU and capex pressures, we reduce our Singtel FY19E/20E/21E core-profit forecasts by 10%/11%/4%.
- Our SOTP Target Price for SingTel is unchanged, given Bharti’s intact Target Price. HOLD maintained in view of limited near-term catalysts.
- StarHub (SGX:CC3, Rating: BUY, Target Price: SGD1.96) remains our preferred pick in the Singapore telco space.
Source: Maybank Kim Eng Research - 29 Aug 2018
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